The NASI advanced 0.23 points to close at 79.06. EABL gained 0.65% to close at 154.00. Equity Bank traded 0.31% higher to close at 16.05. Housing Finance eased 2.51% to close at 17.50. Most stocks in the financial and industrial – utilities – are undervalued; meaning there is immense opportunity.
On The Economy
The recovery of the German economy lost momentum at the end of 2009. As reported by the Federal Statistical Office, the gross domestic product (GDP) in the fourth quarter of 2009 stagnated at previous quarter’s level (+0.0%) upon price, seasonal and calendar adjustment. Hence the slight upward trend of the economy observed in the second (+0.4%) and third quarter of 2009 (+0.7%) did not continue.
People’s Bank of China announced it will raise the ratio of reserves banks must set aside by 0.5%, marking the second action this year. The central bank has been tightening monetary policy in an attempt to restrain bank lending.
Stocks
Asian shares markets were mostly up Friday, with stocks exposed to the resources and commodities sector helping Japan and China trade higher.
Japan’s Nikkei 225 was up 0.9% while Australia’s S&P/ASX 200 was up 0.2% and South Korea’s KOSPI Composite was down 0.5%. Hong Kong’s Hang Seng index rose 0.4%.
Foreign Exchange
Pressure on the euro accelerated on the back of weaker-than-expected economic growth date for the euro zone and further credit tightening in China.
Last trade (FOREX: EURUSD) 1.3571
Commodities
Gold $ 1,080.81
Oil $73.57
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